Help! I need a quick answer. RE: Seller transferring points during sale.

[Sandisw]

It says seller is responsible, my previous purchases said broker is responsible that is the difference.

Never signed a contract for sale that had that language…it always put it on me as seller so it’s obviously changed since my last sale in 2022.

That was the piece I missed.

ETA: if I had been worried as a buyer, I would have asked that the word “broker” be used in the contract instead of seller and if they wouldn’t do it, then I’d have moved on.

 

[VGCgroupie]

Looks like I’m going to be able to switch title companies so that solves my problem.

 

[geargrinder]

Not true…if the buyer backs out after the points are transferred, the seller would be out of luck because they can’t get them back. DVC won’t get involved and while the buyer loses the deposit, seller now has a contract to sell that is much less valuable.

I have sold several and there is absolutely no way I would transfer points from a contract I was selling to a potential buyer.

Not sure you’d ever find an owner willing to do that without the buyer paying them for the transfer as a separate transaction and then doing the sale.

Remember, pay for a transfer can not be put into the contract because it is against the contract to take payment for points.

You keep stating your opinion as fact. Just because you wouldn't do it, doesn't mean others won't.

I know this process was used quite often a couple years ago when ROFR was very aggressive across many resorts.

It gives the buyer immediate access to points. It secures the points against changes by the seller. Agree to the point that the risk moves from the buyer to the seller.

Why would you think you'd need to pay extra for the transfer? If they are willing to sell the contract, they are already losing the points for the contracted amount. Costs the seller nothing but the time for the phone call.

All DVC sees is a stripped contract selling for a fully loaded price.

 

[pzw90]

You keep stating your opinion as fact. Just because you wouldn't do it, doesn't mean others won't.

I know this process was used quite often a couple years ago when ROFR was very aggressive across many resorts.

It gives the buyer immediate access to points. It secures the points against changes by the seller. Agree to the point that the risk moves from the buyer to the seller.

Why would you think you'd need to pay extra for the transfer? If they are willing to sell the contract, they are already losing the points for the contracted amount. Costs the seller nothing but the time for the phone call.

All DVC sees is a stripped contract selling for a fully loaded price.

Would your non-refundable deposit be greater to reflect the value of the points being transferred? If not could the buyer get a transfer in, cancel and lose only their deposit?

What if the seller already had a transfer from that contract and used their once per year transfer already?

How would a new buyer go about this with no contract to transfer into?

 

[geargrinder]

Would your non-refundable deposit be greater to reflect the value of the points being transferred? If not could the buyer get a transfer in, cancel and lose only their deposit?

What if the seller already had a transfer from that contract and used their once per year transfer already?

How would a new buyer go about this with no contract to transfer into?

I believe it was handled with the non-refundable deposit and related terms in the purchase agreement.

If the seller wasn't able to transfer, this process wouldn't work.

It would only work with a buyer who is an existing member.

 

[Sandisw]

You keep stating your opinion as fact. Just because you wouldn't do it, doesn't mean others won't.

I know this process was used quite often a couple years ago when ROFR was very aggressive across many resorts.

It gives the buyer immediate access to points. It secures the points against changes by the seller. Agree to the point that the risk moves from the buyer to the seller.

Why would you think you'd need to pay extra for the transfer? If they are willing to sell the contract, they are already losing the points for the contracted amount. Costs the seller nothing but the time for the phone call.

All DVC sees is a stripped contract selling for a fully loaded price.

I don’t know how a contract can be written that has the buyer paying for a transfer that is included in the sale because you can’t take money for transfers.

But, you are right, no idea how sellers and buyers agreed to it if it was indeed done.

It still seems surprsing that there would be many owners who agreed to transfer points prior to getting paid for the contract since a buyer can back out at any time.

 

[Disney_Funster]

Correct, but TBH, this is always a risk with resale. An owner can transfer out points before the contract leaves their membership. The risk is small and if the contract at least mentions they will be held accountable, you have that.

If it makes you more comfortable, ask them to add an amount to the contract.....and from the cases in which we heard about this happening, its always made correct, so brokers must have a way to get the seller to pay up or maybe they cover it on their own?

I’m currently in this exact position. The contract had some 2024 points and then full points from 2025 on. The day I sent my funds, the broker called and said the seller accidentally transferred the 2024 points. I really want the points, and the reason I picked that particular contract. We signed an addendum, either the broker will transfer the points or pay me $20 pp. The broker really sounded like they wanted me to agree for the $. At this point, Disney has not loaded the contract yet, so I’m still in limbo. I guess the risk of resale.

 

[VGCgroupie]

I knew that this probably happens more than some would like to admit. I’m sorry this happened to you. I’m glad the broker is at least helping in some way even though points is what you ultimately wanted. Did the original contract have the $20 pp verbiage in it? @Disney_Funster

I’m not sure why your post is not showing in my reply

 

[Disney_Funster]

I knew that this probably happens more than some would like to admit. I’m sorry this happened to you. I’m glad the broker is at least helping in some way even though points is what you ultimately wanted. Did the original contract have the $20 pp verbiage in it? @Disney_Funster

I’m not sure why your post is not showing in my reply

The contract did not originally specify $20, it had general language that the points will be transferred as represented in the listing. When the broker called, I told them I wanted the points and left the conversation feeling that it was a “done deal” as far as getting the points was concerned. The addendum however stated I would get points OR $. I suppose I could have stopped the sale at that point for breach of contract, but TBH I just didn’t have the patience to search for another contract and start the process all over again. The broker stated that they should be able to get the points from their rental side. I’m hoping it’s a smooth transition and I don’t have to bird-dog it!

 

[VGCgroupie]

The contract did not originally specify $20, it had general language that the points will be transferred as represented in the listing. When the broker called, I told them I wanted the points and left the conversation feeling that it was a “done deal” as far as getting the points was concerned. The addendum however stated I would get points OR $. I suppose I could have stopped the sale at that point for breach of contract, but TBH I just didn’t have the patience to search for another contract and start the process all over again. The broker stated that they should be able to get the points from their rental side. I’m hoping it’s a smooth transition and I don’t have to bird-dog it!

At least you found before rather than be surprised when Disney loads the contract and they were missing. I hope they can locate some points for you

 

[Genie+]

Whoops I accidentally called member services and transferred points out of the contract I’m actively selling. I’m sorry you’re going through that. Hopefully you get the points to use as originally planned. I can understand not wanting to go through the whole process again.

 

[VGCgroupie]

Whoops I accidentally called member services and transferred points out of the contract I’m actively selling. I’m sorry you’re going through that. Hopefully you get the points to use as originally planned. I can understand not wanting to go through the whole process again.

Right? That what my husband said, how do you do that by accident.

 

[Brittleebee]

I hope you’re getting an absolute deal to make it worth having to deal with Redweek! Did you get the $65 pp SSR!?

 

[VGCgroupie]

I hope you’re getting an absolute deal to make it worth having to deal with Redweek! Did you get the $65 pp SSR!?

Yeah it’s been interesting to say the least. After I close I’ll post how the whole process went. Nope not the $65 SSR.

 

[Disney_Funster]

Whoops I accidentally called member services and transferred points out of the contract I’m actively selling. I’m sorry you’re going through that. Hopefully you get the points to use as originally planned. I can understand not wanting to go through the whole process again.

Yeah, the whole situation is sus. When I looked at the seller’s contract number it ended in .019, meaning they had at least 19 contracts, active or not. That’s quite a bit to keep track of, good grief. I’m hoping that the broker is able to find points and transfer them to me.

 

[VGCgroupie]

Yeah, the whole situation is sus. When I looked at the seller’s contract number it ended in .019, meaning they had at least 19 contracts, active or not. That’s quite a bit to keep track of, good grief. I’m hoping that the broker is able to find points and transfer them to me.

I didn’t even think to look at that part of of contract #. I’m going to take a look at the deed on the one I am buying.

 

[VGCgroupie]

Welp problem not solved. Ran into another controversial resale purchase topic. The title co that withholds funds until new owner receives transfer of contract does not provide title insurance. So its buy with safeguard to points but no title insurance safeguard or get the title insurance safeguard with a risk of points.

 

[VGCgroupie]

Just want to update this thread. This resale I was obviously nervous about... My deed recorded over a month ago and Disney never received the deed. So the seller has had my $20,000 and full access to all the points for a month and now we still have another few weeks once Disney actually gets the deed. I am sick to my stomach and I really hope the seller is an honest person and I didnt just get totally screwed.

SO OVER RESALE

 

[Brian Noble]

The good news is that most people are honest.

 

[lilsonicfan]

Just want to update this thread. This resale I was obviously nervous about... My deed recorded over a month ago and Disney never received the deed. So the seller has had my $22,000 and full access to all the points for a month and now we still have another few weeks once Disney actually gets the deed. I am sick to my stomach and I really hope the seller is an honest person and I didnt just get totally screwed.

SO OVER RESALE

Is this something that the closing company should be dealing with?? I don't really get how they gave the money to the seller without confirming that Disney had received what they needed to make the transfer happen.